Back Office Services Activities (BOSA) is a department in Mwalimu National which offers various loan products against members' deposits.

1

 

Wezesha Loan

Unlike ALL other products, WEZESHA (to enable) is the ONLY product that a member does not have to wait for six (6) months before applying for a loan. Mwalimu National enables YOU (new member) to access funds within your ability immediately your first  savings deduction goes through. ONLY 1/4 of the amount applied will be retained in the new members account as savings. The loan must be fully guaranteed.

Terms and conditions of wezesha loan

  1. This product is for new members only.
  2. Rate is 1.125% p.m. on reducing balance.
  3. Wezesha loan runs for a maximum of 72 months
  4. 2% wezesha processing fee shall be charged on the amount to be advanced.
  5. Maximum loan amount to be determined by the member's ability subject to the loan being fully guaranteed.
  6. The minimum period for a member to qualify shall apply as per the sacco by-laws.
  7. Shares boosted shall earn dividends on pro-rata basis.

 

Emergency Loan

  1. Granted for unforeseen circumstances.
  2. Applicable interest rate is 1%p.m on reducing balance.
  3. Repayable in 24 months.
  4. Multipler is x5 (subject to 1/3 salary rule).
  5. Only one emergency loan can be granted at a time.

 

School Fees Loan

  1. Granted for education purposes only.
  2. 1% p.m interest rate on reducing balance.
  3. Repayable in 24 months.
  4. Maximum limit is a member's deposit x5 (subject to 1/3 salary rule).
  5. Only one school fees loan to be granted at a time.

Normal Loan

  1. Granted as a short term loan aimed at helping members meet their immediate financial needs.
  2. 1% p.m on reducing balance.
  3. Repayable in 48 months.
  4. Limit is a member's deposit x3 (subject to 1/3 salary rule).
  5. One normal loan to be granted at a time.

Development Loan

  1. Granted as medium-term loan for investment purposes.
  2. Applicable interest rate is 1.125% p.m on reducing balance.
  3. Attracts 0.5% processing fee.
  4. Repayable in 60 months.
  5. Maximum limit is a member's deposit x 4 (subject to 1/3 salary rule)
  6. One development loan granted at a time.

Super Loan

  1. Granted as long-term loan for investment purposes.
  2. Interest rate is at 1.17% p.m.
  3. Repayable in 84 months.
  4. Maximum limit is a member's deposit x 4 (subject to 1/3 salary rule).
  5. Attracts 0.5% processing fee.
  6. Only one super loan granted at a time.

Vision 96

  1. Long term loan for investment purposes.
  2. Interest rate is 1.25 p.m on reducing balance.
  3. Repayment period in 96 months.
  4. Attracts a 1% processing fee.
  5. The limit is a member's deposit x5 (subject to 1/3 salary rule)

Ufanisi Loan

Ufanisi Loan:

This is long-term loan product aimed at enabling you our member with salary ability but have low shares to access more credit by boosting your shares. A portion of the loan applied is retained as deposits enhancing your balance multiplier. 

The product features and requirements are:

  • Repayable in 120 months.
  • 10 % share boosting fee applicable.
  • Deposit multiplier is 5 times the qualifying amount
  • Loan must be fully guaranteed
  • Only one Ufanisi loan can be granted at a time.
  • The member’s salary to be channeled through Mwalimu National Sacco FOSA.

Recovery is done at a monthly flat rate combining principle repayment with interest.

NB. Its MNS that does the boosting. If the member boosts by  himself/herself then it will have to wait for the mandatory 6 months before applying.

 Loan Repayment Schedules

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Mwalimu National

Head Office: Mwalimu Towers,
Hill Lane, Off - Mara Road, Upperhill.
Address: P.O. Box 62641 00200 Nairobi Kenya
Tel: +254 020 295 6000
Mobile:  +254 709 898 000
SMS Number: 20156
Email: mwalimu@mwalimunational.coop